 We are using 19th century, 20th century glasses to look at 21st century problems. My name is Andrew Shang. I'm a distinguished fellow at the Asia Global Institute. The last financial crisis was the last hurrah of the old model. Growth is like a take-off of a plane. Forgetting to mention that planes stall, you know, and sometimes crash. We are moving from complicated societies to complex societies where everything from globalization is interactive, interconnected and interdependent. And standard economic theory, which assumes away all the things that are important, it made man a machine. We don't need these old machines. Let's get them out of the system. Forgetting that we're human beings. You cannot treat human beings as a machine. Human beings are, you know, rational or irrational. That's wrong because even the word rational is biased. Rational means you're good. Is a gambler irrational? Why there's so many people speculating? We're using very wrong concepts or, you know, to put it kindly, incomplete concepts to explain a much more complex, much more nuanced human being in a new world, a new world of technology, a new world of climate change, a new world of social inequality that we have to address. What we've now seen is that the emerging markets are pushing the world into a multipolar order from a previously unipolar order. The rich countries can sustain big shocks because they are rich. They're very advanced. They've got lots of savings. They've got very sophisticated systems. But for the emerging markets, it's the difference between life and death. And so if you get very bad climate change as the climate warms up and water stress countries don't have enough water because there's too much heat, food security goes down, human beings cannot live, cannot get jobs, already have very incompetent governments or strained governments who cannot deal with this. You move from a fragile state, failing state to failed state and that causes human migration. Where do they migrate to? The cooler climates of the advanced countries which are aging, less population, more land and it's going to create conflict. You know, you cannot carry on doing charity. It has to be long-term sustainable, a fiscal model that will be able to help the poor countries, the failing countries to get back up on their feet. If they fall back further, a divide creates a search for the divine. God may be the solution. Fundamentalism is the solution. And then from religion, if you're not careful, we really create violent crashes. So we are now in a very critical period of complexity. You suddenly wake up, you know, realizing that the world has changed and you need to adapt.